Today's Diesel Price in New Delhi

Trend of Diesel Price in Delhi for July 2024 (rates per litre) 

Monthly Diesel Price Trend in Delhi for July 2024  

1. Diesel prices opened the month of July standing at the rate of Rs.87.66 per litre in Delhi. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of July in Delhi.  

1. In Delhi, the last week of July closed with the price of the fuel standing at the rate of Rs.87.66 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Delhi. 

Trend of Diesel Price in Delhi for June 2024 (rates per litre) 

Monthly Diesel Price Trend in Delhi for June 2024  

1. Diesel prices opened the month of June standing at the rate of Rs.87.66 per litre in Delhi. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of June in Delhi.  

1. In Delhi, the last week of June closed with the price of the fuel standing at the rate of Rs.87.66 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Delhi. 

Trend of Diesel Price in Delhi for May 2024 (rates per litre) 

Monthly Diesel Price Trend in Delhi for May 2024  

1. Diesel prices opened the month of May standing at the rate of Rs.87.66 per litre in Delhi. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of May in Delhi.  

1. In Delhi, the last week of May closed with the price of the fuel standing at the rate of Rs.87.66 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Delhi. 

Quarterly Diesel Price in Delhi between April 2024 and June 2024 

1. On 1 April, the price of diesel in Delhi was Rs.87.66 for a litre. Diesel prices remained the same throughout the month in the city.  

1. In May, the price for a litre of diesel in Delhi was Rs.87.66. Diesel rates remained the same throughout May in the city.  

1. On 1 June, the price of diesel in Delhi was Rs.87.66 for a litre. Diesel prices remained the same throughout the month in the city. 

Quarterly Diesel Price in Delhi between January 2024 and March 2024 

1. On 1 January, the price of diesel in Delhi was Rs.89.66 for a litre. Diesel prices remained the same throughout the month in the city.  

1. In February, the price for a litre of diesel in Delhi was Rs.89.66. Diesel rates remained the same throughout February in the city.  

1. The prices of diesel in Delhi in March opened at Rs.89.66 for a litre. By the end of the month, the prices fell by Rs.2.00 and closed at Rs.87.66 per litre. 

Also check : Today's Gold Price in Delhi

Meaning of Dynamic Fuel Pricing

Why do petrol prices fluctuate in India? Since fuel prices in India are proportional to the international price of crude oil, rates are revised accordingly by State-owned OMCs. This helps oil companies to offset any losses as well as pass on any benefits to consumers immediately.

Oil firms consider the two week or 15-day average price of crude oil along with the rupee-dollar exchange rate to arrive at the final selling price of diesel or petrol. The new price of petrol or diesel comes into effect from 6:00 am IST, this system was implemented from 16 June 2017 in the country.

The move was aimed to ensure that the benefit of even the smallest change in crude oil prices can be passed on to consumers and dealers. Prior to this method, fuel prices were every fortnight in the country. However, it led to a sudden rise or decline in fuel prices in the country, burdening the common man.

With the 'Dynamic Fuel Pricing' mechanism in place, it removes any sudden leap in prices that need to be effected at the end of the fortnight.

Factors Affecting Diesel Prices in Delhi

Like other cities in India, diesel rates in Delhi include several other components apart from the global crude oil price and the rupee-dollar exchange rate. Components such as freight charges, entry tax, refinery processing, oil companies' margin and logistics are levied before arriving at the basic cost of fuel. Additionally, petrol pump owners' commission is included as well as excise duty levied by the Centre and the respective State charges local sales tax or Value Added Tax (VAT).

However, the biggest impact on fuel prices is the global crude oil price and the exchange rate of the Indian currency over the US dollar. Crude oil prices fluctuate for various reasons, let's review them in detail:

1. Current Supply and Demand: For several decades, the Organization of Petroleum Exporting Countries (OPEC) has been the biggest supplier of crude oil in the international market, influencing oil prices. Policies of OPEC are affected by geopolitical developments, hence, any pressure on one of the OPECs will lead to a cut in oil supply. This, in turn, increases the crude oil price in the market. Also, any massive increase in supply could lead to a fall in oil prices.
2. Geopolitical Tensions: Political events and crisis such as war, political upheaval, natural disasters are factors which influence the oil price. Conflicts in any oil-producing region of the world could potentially reduce the supply of oil.
3. Future Supply and Reserves: Among the biggest oil-producing or oil-consuming countries, crude oil is reserved to keep their economies healthy in case oil prices incline. Oil is stocked up when the rate is low and then supplied through the economy to keep prices down.

Diesel Price Calculation in India

Know how the diesel price is calculated before it's sold in the country. State-run oil companies fix the price based on the below computation of fuel prices. Please note, prices are as of 3 January 2019.

Diesel Price in Delhi Compared to other Metro Cities

Fuel prices in Delhi are the cheapest compared to other major metro cities of the country. This is due to the lower local sales tax or VAT being levied on the sale of fuel in Delhi. In Mumbai, diesel attracts VAT of 24%, while Delhi charges 16.75% + 25p as Pollution Cess with Surcharge.

Diesel Price Vs. Petrol Price in Delhi

While the cost of the basic crude oil price for both petrol and diesel is the same, additional charges make diesel prices lower compared to that of petrol. The excise duty and the local sales tax or VAT is much lower compared to the rates levied on petrol, making the diesel price in Delhi cheaper than petrol prices.

Why Petrol and Diesel is not under GST?

When Goods and Service Tax (GST) was implemented in July 2017, five petroleum products such as petrol, diesel, crude oil, natural gas and aviation turbine fuel (ATF) were exempted from attracting GST. Neither the Centre or states are in favour as there could be huge revenue loss to both their respective exchequer. If petrol and diesel come under GST, the Centre will lose more than Rs.20,000 crore input tax credit it earns through excise duty, while states are keen to keep their revenue pool to meet any contingencies.

Currently, the total tax incidence of excise duty and VAT comes around 45-50% on petrol and 35-40% on diesel. However, under GST, the total tax incidence is 28% which affects the revenue earned by the Centre as well as states. Also, GST being an ad valorem levy, charged as a percentage on the ex-factory rate, would have a huge impact on retail prices whenever refinery gate rates are hiked amid a rise in crude oil prices in the global market and vice versa would also be true.

*Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.